On September 8, 2022 OncoBone Ventures (www.oncoboneventures.com), a UK start-up biotech company seeking to develop novel therapies for cancer patients with currently incurable bone metastases, reported the signing of Co-operation Framework Agreements ("Agreements") with three partners ("Partners"), Okayama University in Japan (www.okayama-u.ac.jp), University of Bradford in UK (www.bradford.ac.uk) and The Development Center for Biotechnology (DCB) in Taiwan (www.dcb.org.tw) (Press release, OncoBone Ventures, SEP 8, 2022, View Source [SID1234636483]).

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The Agreements include preclinical testing of therapeutic assets developed by Partners for the treatment of cancer. The role of OncoBone Ventures will be to evaluate the efficacy of the therapeutic assets in preclinical bone metastasis models, followed by safety assessments for those assets that demonstrate good efficacy for bone metastases.

Dr. Jussi Halleen, CEO of OncoBone Ventures comments: "We are delighted to have signed these Co-operation Agreements with such prestigious institutions. The Agreements will provide a consistent basis for our future co-operation with the Partners within an agreed framework."

On September 8, 2022 Helsinn Group ("Helsinn"), a fully integrated, global biopharma company with a diversified pipeline of innovative oncology assets, in conjunction with Conquer Cancer, the ASCO (Free ASCO Whitepaper) Foundation, reported Dr. Rushil V. Patel as the 2022 recipient of the Conquer Cancer – Anna Braglia Endowed Young Investigator Award (YIA) in Cancer Supportive Care (Press release, Helsinn, SEP 8, 2022, View Source [SID1234619491]).

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Helsinn established the Anna Braglia Endowed Young Investigator Award (YIA) through an endowment to Conquer Cancer. The Young Investigator Award (YIA) funds physicians, determined by Conquer Cancer, who are in the final years of their training to aid their transition from a fellowship program to a faculty appointment. The YIA is a one-year $50,000 grant that aims to promote quality research in clinical oncology.

Dr. Patel will study the cultural values and related preferences regarding palliative care of the Hindu community in the Charlotte, North Carolina metropolitan area of the United States, to identify common themes. Once these themes have been identified, Dr. Patel and his team will prepare a survey to be shared with Hindu patients and caregivers from other US cities, to further understand palliative care preferences in Hindu communities throughout the US.

Dr. Patel is a third-year hematology/oncology fellow at the Atrium Health Levine Cancer Institute in Charlotte, North Carolina. He received his medical degree from the University of North Carolina at Chapel Hill before completing internal medicine residency training at Cone Health in Greensboro, North Carolina. Following his residency, Dr. Patel completed a hospice and palliative medicine fellowship at Memorial Sloan Kettering Cancer Center where he became interested in how religion and spirituality influenced palliative care for cancer patients. After this, Dr. Patel was then selected as the Frances Young Tang Research Fellow in Palliative Medicine and completed a study on the spiritual and palliative care needs of hospitalized cancer patients who identified with the Dharmic religions. Dr. Patel has also completed the University of Michigan’s one-year Integrative Oncology Scholars Program.

The Conquer Cancer – Anna Braglia Endowed YIA in Cancer Supportive Care was established in 2016 to honor the life of Anna Braglia, the wife of Helsinn Group Founder and Chairman, Gabriele Braglia, and mother of Helsinn Group Executive Chairman, Riccardo Braglia, following her passing in 2015.

Giorgio Calderari, Helsinn Group CEO, commented: "Dr. Patel’s research into how different cultural minorities view palliative care is a cause that resonates with Helsinn and we are impressed by his passion to make a difference within these communities. At Helsinn, we strive to develop treatments and provide the best support for cancer patients and their families and are pleased to be able to support important research projects like the one Dr. Patel is leading."

Dr. Rushil V. Patel, commented: "Receiving the Young Investigator Award for a subject that is so close to my heart is a true honor. Being recognized by both Conquer Cancer and Helsinn is a great validation of the work we are doing, and I am hopeful that through this project we will be able to bridge the gap in palliative care across different communities."

On September 8, 2022, Nascent Biotech Inc. (the "Company") reported that closed an agreement with Platinum Point Capital LLC ("Platinum"), an unrelated third party. Platinum is loaning the Company $500,000.00 (Filing, 8-K, Nascent Biotech, SEP 8, 2022, View Source [SID1234619349]). The first tranche of $250,000.00 will be paid at Closing. In connection with the loan, the Company is issuing Platinum its Convertible Debentures (the "Debentures"). The first Debenture is for $250,000.00, has a maturity date of one year and is due on September 6, 2023. The interest rate is six percent (6%) per annum. The Debenture may be converted at the lesser of $0.30 per share or eighty percent (80%) of the lowest VWAP of the Company’s common stock for ten consecutive trading days immediately prior to the conversion date. The Debenture may be prepaid in accordance with the terms set forth in the Debenture. The Debenture also contains certain representations, warranties, covenants, and events of default including, among other things, if the Company becomes delinquent in its periodic report filings with the Securities and Exchange Commission (the "SEC"). If an event of default occurs, the amount of the principal and interest rate due under the Debentures increases.

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Platinum will not affect any conversion which will result in its holding more than 9.99% of our common stock. The Debenture provides for certain penalties for failure to timely deliver stock and contains other protective provisions for Platinum. $250,000 principal amount of the Debenture has been funded and the next tranche of $250,000 will be due when the Company’s registration statement, covering the shares of our common stock issuable upon conversion of the Debenture and upon exercise of a warrant that the Company has issued as part of the transaction, is declared effective.

As part of this transaction, the Company and Platinum entered into to a Securities Purchase Agreement dated September 6, 2022 (the "SPA"). The Company also issued a warrant to Platinum to purchase 250,000 shares of the Company’s common stock for a period of two years, expiring on September 6, 2024, at an exercise price of $0.60 per share.

In connection with the Debenture and SPA, the Company also entered into a Registration Rights Agreement obligating the Company to register with the SEC the shares issuable upon conversion of the Debentures and issuable upon exercise of the Warrant.

The foregoing descriptions of the terms of the Debenture, the Warrant, the SPA, and the Registration Rights Agreement do not purport to be complete and are qualified in their entirety by the complete text of the documents attached as Exhibits 4.1 through 4.2 and Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K.

On September 9, 2022, the Company repaid the $275,000 convertible note dated April 7, 2022 (the "Note") that the Company had issued to Platinum. The conversion terms for the Note were the lower of $0.075 per share or 80% of the lowest VWAP of the Company’s common stock for the 10 consecutive trading days immediately prior to the conversion date.

On September 8, 2022 Aesther Healthcare Acquisition Corp (NASDAQ: AEHA) ("Aesther" or the "Company"), a special purpose acquisition company (SPAC) reported that it has entered into an Agreement and Plan of Merger with Ocean Biomedical, Inc. ("Ocean"), a next-generation biopharma company (Press release, Ocean Biomedical, SEP 8, 2022, View Source [SID1234619324]). The combined company will work to accelerate the development of Ocean Biomedical’s core assets in oncology, fibrosis, and infectious diseases, all based on new target discoveries enabling first-in-class drug and vaccine candidates – developed through past and ongoing grants totaling $123.9 million.

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Aesther reported that it has entered into a Common Stock Purchase Agreement (the "Purchase Agreement") with White Lion Capital LLC, a Nevada limited liability company (the "White Lion Capital"). The Purchase Agreement provides that White Lion Capital is committed to purchase the Company’s Common Stock with an aggregate gross purchase price of up to $75,000,000 from time to time during the commitment period, which starts on the date of the filing of the initial registration statement covering the resale of securities issued under the Purchase Agreement, and shall terminate on the twenty-fourth month anniversary of the filing of such initial registration statement and terms as specified in the Purchase Agreement. The Company intends to use the net proceeds from this transaction for the development, working capital, and supporting the operations of Ocean’s assets in oncology, fibrosis, and infectious disease.

Under the Purchase Agreement, on any trading day selected by the Company, the Company has the right, but not the obligation, to present White Lion Capital with a purchase notice, directing White Lion Capital (as principal) to purchase up to a certain amount shares of the Company’s Common Stock ("Purchase Notice") at a certain price as defined in the Purchase Agreement. The number of shares sold pursuant to any such Purchase Notice may not exceed (i) $2,000,000, divided by the closing price of Common Stock on Nasdaq preceding the Purchase Notice date and (ii) a number of shares of the Company’s Common Stock equal to the five-day average daily trading volume multiplied by sixty-seven percent (67%).

White Lion Capital has no right to require any sales by the Company, but is obligated to make purchases from the Company as the Company directs in accordance with the Purchase Agreement. For more details, please refer to the Company’s Current Report on Form 8-K filed with the Securities Exchange Commission on September 8, 2022, at View Source

"Glioblastoma Multiforme is the deadliest form of Brain Cancer, yet the standard of care has not changed for newly diagnosed GBM since 2005. The cost and uncertainty of research for treatment is left for those with exceptional grit and vision, and we hope our capital alongside Ocean Biomedical’s leadership and clinical studies can end the suffering of those closest to us" said Yash Thukral, Founding Partner of White Lion Capital LLC.

Suren Ajjarapu, Chairman and CEO of Aesther, commented, "We are pleased to announce the closing of the purchase agreement with White Lion Capital as it once again demonstrates the strong vote of confidence we are receiving from investors and generating lasting shareholder value."

"Non-small cell lung cancer (NSCLC) is the leading cause of cancer death and second most diagnosed cancer in the US. Glioblastoma multiforme (GBM) is a lethal type of brain tumor that affects approximately 28,000 people in the US, with a median survival time is about 15 months. The closing of the up to $75 million purchase agreement with White Lion Capital will help advance our cancer, fibrosis, and malaria discoveries into their Phase 1 trials, and has the potential to alleviate suffering and save thousands of lives" said Dr. Chirinjeev Kathuria, co-founder and Executive Chairman.

On September 8, 2022 Champions Oncology, Inc. (Nasdaq: CSBR), a leading global technology-enabled biotech that is transforming drug discovery through innovative AI-driven pharmaco-pheno-multiomic integration, reported its financial results for its first quarter of fiscal 2023, ended July 31, 2022 (Press release, Champions Oncology, SEP 8, 2022, View Source [SID1234619319]).

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First Quarter and Recent Highlights:

Record quarterly revenue of $13.7 million, an increase of 22% year over year
Adjusted EBITDA of $450,000
Record quarterly bookings
Series of antibody hits established in Alloy Therapeutics partnership

Ronnie Morris, CEO of Champions, commented, "We continued to deliver on our long-term vision in the first quarter by growing our service business while investing in transformative opportunities. Our bookings reached a quarterly record high and we achieved an important milestone in our target discovery program."

David Miller, CFO of Champions, added, "We began our first quarter of fiscal 2023 with another quarterly revenue record reaching $13.7 million, representing 22% year over year growth. Our adjusted EBITDA, which excludes stock-based compensation and depreciation expenses, was $450,000 and we anticipate EBITDA expansion over the course of the year."

First Fiscal Quarter Financial Results

Total revenue for the first quarter of fiscal 2023, was a record $13.7 million, an increase of 22.1%, compared to $11.3 million for the same period last year. The increase in revenue was due to continued demand for our services, leading to larger pharmacology studies in both our in-vivo and ex-vivo platforms. Total costs and operating expenses for the first quarter of fiscal 2023 were $14.0 million compared to $11.4 million for the first quarter of fiscal 2022, an increase of $2.6 million or 22.8%.

For the first quarter of fiscal 2023, Champions reported a loss from operations of $284,000, including $206,000 in stock-based compensation and $528,000 in depreciation and amortization expenses, compared to a loss from operations of $175,000, inclusive of $280,000 in stock-based compensation and $317,000 in depreciation and amortization expenses, in the first quarter of fiscal 2021. Excluding stock-based compensation, depreciation and amortization expenses, Champions reported adjusted EBITDA for the quarter of $450,000 compared to $422,000 in the prior year period.

Cost of oncology solutions was $7.1 million for the three-months ended July 31, 2022, an increase of $1.7 million, or 30.7% compared to $5.4 million for the three-months ended July 31, 2021. The increase in cost of sales was primarily from compensation, mice and lab supply expenses for pharmacology studies and an increase in compensation expense for our SaaS platform. For the three- months ended July 31, 2022, gross margin was 49% compared to 52% for the three-months ended July 31, 2021. The lower margin resulted from an increase in study related expenses in advance of the revenue recognition and from SaaS expenses that were capitalized in the prior year period.

Research and development expense for the three-months ended July 31, 2022 was $2.9 million, an increase of $583,000 or 25.3%, compared to $2.3 million for the three-months ended July 31, 2021. The increase was primarily from compensation and lab supply expenses related to the investment in our therapeutic discovery platform. Sales and marketing expense for the three-months ended July 31, 2022 was $1.7 million, an increase of $118,000, or 7.5%, compared to $1.6 million for the three-months ended July 31, 2021. The increase was primarily due to compensation expense. General and administrative expense for the three-months ended July 31, 2022 was $2.4 million, an increase of $244,000, or 11.3%, compared to $2.2 million for the three-months ended July 31, 2021. The increase was primarily due to depreciation and amortization expenses and IT related costs to support the growth of the business.

Net cash used in operating activities was $195,000 for the three-months ended July 31, 2022. The cash utilized in operating activities was primarily due to a reduction in our accounts payable and accrued liability balances during the ordinary course of business. Net cash used in investing activities was $754,000 and primarily for the purchase of lab and computer equipment.

The Company ended the quarter with a strong cash position of $8.1 million. The Company has no debt.

Conference Call Information:

The Company will host a conference call today at 4:30 p.m. EDT (1:30 p.m. PDT) to discuss its first quarter financial results. To participate in the call, please call 888-506-0062 (Domestic) or 973-528-0011 (International) and enter the access code 618777, or provide the verbal reference "Champions Oncology".

Full details of the Company’s financial results will be available by Monday, September 12, 2022 in the Company’s Form 10-Q at www.championsoncology.com.

* Non-GAAP Financial Information

See the attached Reconciliation of GAAP net income (loss) to Non-GAAP net income for an explanation of the amounts excluded to arrive at Non-GAAP net income and related Non-GAAP earnings per share amounts for the three months ended July 31, 2022 and 2021. Non-GAAP financial measures provide investors and management with supplemental measures of operating performance and trends that facilitate comparisons between periods before and after certain items that would not otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items that management does not believe affect the Company’s basic operations do not meet the GAAP definition of unusual or non-recurring items. Non-GAAP net income and Non-GAAP earnings per share are not, and should not, be viewed as a substitute for similar GAAP items. Champions defines Non-GAAP dilutive earnings per share amounts as Non-GAAP net earnings divided by the weighted average number of diluted shares outstanding. Champions’ definition of Non-GAAP net earnings and Non-GAAP diluted earnings per share may differ from similarly named measures used by other companies.